Gazprom's chairman, Aleksei Miller, said potential foreign partners had not submitted offers satisfactory to Russia.
The shortlist of potential partners included U.S. Chevron and ConocoPhillips, France's Total, and Norway's Statoil and Norsk Hydro.
Developing the Shtokman gas field is expected to cost between $10 and $20 billion.
The project has been seen as a test of whether Russia is committed to allowing foreign companies to participate in developing its vast natural resources.
Miller also said gas from the Shtokman field will primarily supply the European gas market rather than being shipped in the form of liquefied natural gas to the United States.
(compiled from agency reports)